Update on the latest in business:

Published 11:26 pm, Thursday, June 30, 2016

MANILA, Philippines (AP) — Asian shares mostly rose today with investors remaining in a buying mood amid low interest rates and after world markets recovered their losses from Britain's vote to leave the European Union a week ago.

U.S. stocks finished higher yesterday for the third day in a row after the steep slump that followed Britain's vote. While the rally suggests that traders' anxiety over Britain's departure from the EU have eased, a surge in U.S. bond prices Thursday signaled many investors remain cautious about the possible long-term implications. The Dow Jones industrial average gained 235.31 points, or 1.3 percent, to 17,929.99. The Standard & Poor's 500 index rose 28.09 points, or 1.4 percent, to 2,098.86. The Nasdaq composite added 63.43 points, or 1.3 percent, to 4,842.67.

Benchmark U.S. crude oil rose above $48.50 a barrel.

The dollar fell against the yen and gained against the euro.

ECONOMY-THE DAY AHEAD

Major business and economic reports today

UNDATED (AP) — The Institute for Supply Management, a trade group of purchasing managers, will today issue its index of manufacturing activity for June.

And the Commerce Department will report on U.S. construction spending in June.

Also, automakers will release vehicle sales numbers for June.

CHINA-MANUFACTURING

China official manufacturing survey flat as slowdown weighs

HONG KONG (AP) — An official survey of Chinese manufacturing shows that activity was flat last month, signaling further weakness in the world's No. 2 economy as it undergoes a prolonged slowdown.

The survey of factory purchasing managers out Friday eased to 50.0 in June from 50.1 the month before.

By coming in at the exact midpoint of the 100-point scale, the latest reading on the Chinese Federation of Logistics & Purchasing's survey indicates that factory activity neither expanded nor contracted from the month before.

A separate private survey released the same day painted a more pessimistic picture of conditions in China's manufacturing sector, which employs many millions of workers.

The Caixin/Markit index slipped to 48.6 last month from 49.2 in May as production shrank at the quickest pace in four months.

YAHOO-SHAREHOLDERS MEETING

Yahoo CEO paints bright picture with potential sale looming

SANTA CLARA, Calif. (AP) — Yahoo CEO Marissa Mayer has tried to paint a bright picture during an annual shareholders meeting as the company considers selling its slumping internet operations.

The 45-minute gathering Thursday was a routine affair that provided no insight into whether Yahoo's board is leaning toward a sale or entrusting the beleaguered Mayer to engineer a long-promised turnaround.

Mayer told the small turnout of shareholders that Yahoo "is making great progress on our process" without specifying when a decision might be made. Most analysts expect Yahoo to make a choice this summer.

Verizon Communications is among the leading contenders to buy Yahoo's internet business.

If Yahoo sells, Mayer will probably lose her job after four years as CEO and walk away with a $55 million severance package.

SELF-DRIVING CAR-DEATH

Tesla driver killed in crash while using car's 'Autopilot'

WASHINGTON (AP) — The first person to die in a U.S. crash involving a car in self-driving mode was the tech-savvy 40-year-old owner of a Tesla Model S who nicknamed his car "Tessy" and praised its sophisticated "Autopilot" system.

According to government records and a Tesla statement , Joshua D. Brown, of Canton, Ohio, died in the May 7 crash in Williston, Florida, when his car's cameras failed to distinguish the white side of a turning tractor-trailer rig from a brightly lit sky and didn't automatically activate its brakes.

Brown, who owned a technology company, just one month earlier credited his 2015 Tesla with preventing a crash on an interstate highway. The government said it is investigating the design and performance of the Tesla system.

Frank Baressi, 62, the driver of the tractor-trailer and owner of Okemah Express LLC, said the Tesla driver was "playing Harry Potter on the TV screen" and driving so quickly that "he went so fast through my trailer I didn't see him."

Tesla Motors Inc. said it is not possible to watch videos on the Model S touch screen. It says autopilot is supposed to check to make sure a driver's hands are on the wheel, and it gives visual and audible alerts if they aren't. It also will gradually slow the car until the driver responds,

Tesla noted that drivers must manually enable the Autopilot system.

The government has opened an investigation.

CHINA-US-ENERGY

US energy secretary sees oil market coming into balance

BEIJING (AP) — The U.S. energy secretary says he sees the global oil market coming into balance over the next year as rising demand catches up with a supply glut that has depressed prices.

Ernest Moniz said Friday there still is more production than demand but consumption is catching up.

Moniz spoke after meeting with the Saudi oil minister. They were in Beijing for a meeting of energy ministers from the Group of 20 major developed and emerging economies.

The Saudi minister, Khalid Al-Falih, said last week oversupply of oil was ending and he expected markets to come into balance this year.

Moniz said, "that's reasonable, although it could also go into next year. Let's say, within the next year, most of the people would expect a balance in the market."

PUERTO RICO-ECONOMIC CRISIS

Puerto Rico faces historic default as rescue bill approved

SAN JUAN, Puerto Rico (AP) — Puerto Rico faces a historic default today as the U.S. territory prepares to enter unchartered waters under the guidance of a newly enacted federal control board to oversee the island's finances amid a dire economic crisis.

The anticipated missed payment of $2 billion in debt payments would be the biggest ever for Puerto Rico and includes $1 billion worth of general obligation bonds that are given top priority by the island's constitution. But Gov. Alejandro Garcia Padilla says the government is short on cash as he signed an executive order Thursday declaring a moratorium on that debt and others.

Economist Jose Villamil warns that while the market already anticipated the default, it affects the credibility of a territory grappling with $70 billion in public debt. He says Puerto Rico might be able to re-enter the market "for many years."

A rescue package signed yesterday by President Barack Obama will temporarily protect Puerto Rico from creditor lawsuits seeking to recover millions of dollars invested in Puerto Rico bonds, which attracted investors because of their triple tax-exempt status. Many of those investors were particularly lured by Puerto Rico's general obligation bonds because of their constitutional guarantee of repayment.

Local 54 of the Unite-HERE union tells The Associated Press that it was unable to reach agreement on a new contract with the Taj Mahal, which is owned by billionaire investor Carl Icahn.

The walkout involving about 950 union members could begin around 6 a.m.

The Taj Mahal was the only one of the five casinos targeted by the union that was unable to reach a new deal.

On Thursday, the union struck deals with Bally's, Caesars, Harrah's and the Tropicana.

Borgata, Golden Nugget and Resorts were not targeted by the union, and are not affected by the strike.

The last casino strike in 2004 lasted 34 days.

GMO LABELING-VERMONT

Uncertainties loom as Vermont GMO law takes effect

MONTPELIER, Vt. (AP) — Vermont's new law requiring genetically modified food to be labeled as such is set to take effect Friday, but it might soon be erased from the books by federal action.

Family-owned and chain grocery stores, co-ops and food companies say they're ready to comply with the law. It was enacted in 2014 with a two-year window for businesses to prepare.

But last week, the leading Republican and Democrat on the U.S. Senate Agriculture Committee announced a compromise bill that would force GMO labeling nationwide, but with less stringent requirements than Vermont's law.

At Montpelier's Hunger Mountain Co-op, which specializes in local and natural foods, general manager Kari ("KAHR-ee") Bradley calls it frustrating that Vermont's law could be pre-empted by federal legislation.

REFINERY INVESTIGATION

California attorney general subpoenas refiners on gas prices

UNDATED (AP) — The California attorney general has issued subpoenas to several oil refiners to learn how they set gasoline prices, which are consistently higher in California than in most other states.

Chevron Corp., Exxon Mobil Corp., Valero Energy Corp. and Tesoro Corp. confirmed on Thursday that they have received subpoenas in recent weeks.

The attorney general is making a sweeping request for information about gasoline supplies, pricing, and maintenance shutdowns that can temporarily create shortages and increase prices, according to people familiar with the investigation. The people spoke on condition of anonymity because they were not authorized to discuss details of the subpoenas.

The requests came from Attorney General Kamala Harris, a Democrat who is running for the U.S. Senate. Kristin Ford, a spokeswoman for Harris, declined to comment on whether her office was investigating.